Income Tax News

IT department enables e-Pay Tax service for IndusInd Bank with over the counter and net banking options

03 January 2023 at 08:42

e-Pay Tax service is now enabled for City Union Bank with Over the Counter and Net Banking options.

Posted in Income Tax | 7035 Views

E-filing of Updated ITR has been enabled on IT Portal for AY 2022-23

02 January 2023 at 08:59

E-filing of Updated ITR has been enabled on Income Tax Portal for AY 2022-23 (FY 2021-22)All ITR forms (ITR 1 to ITR 7) Utility & JSON Schema also released for Updated ITRITR 1For individuals being a resident (other than not ordinarily resident)

Posted in Income Tax | 15249 Views

CBDT | Clarification for the purposes of clause (c) of Sec 269ST of IT Act 1961

31 December 2022 at 08:45

Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies

Posted in Income Tax | 6549 Views

Bihar-based daily wage labourer gets income tax notice of Rs 14 crore

21 December 2022 at 08:52

A Bihar-based daily wage labourer, who earns Rs 10,000 to Rs 20,000 per month was shocked to his core as he received an income tax notice of Rs 14 crore at his house in Rohtas.

Posted in Income Tax | 6675 Views

CBDT issued SOP on filing of Appeals / SLPs by IT Dept in Supreme Court and related matters

19 December 2022 at 08:39

The CBDT vide Instruction No. 2/2022 dated December 15, 2022 has issued the Standard Operating Procedure ("SOP") on the filing of Appeals/Special Leave Petitions ("SLPs") by the Income Tax Department in the Supreme Court and related matters.

Posted in Income Tax | 9078 Views

Gross direct tax collection grows 25.90% to Rs.13.63 lakh crore for FY 2022-23

19 December 2022 at 08:39

Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 25.90%

Posted in Income Tax | 4032 Views

SC: IT department cannot initiate reassessment proceedings during pendency of rectification proceedings

16 December 2022 at 11:31

The Supreme Court has held that the income tax department cannot initiate the reassessment proceedings during the pendency of the rectification proceedings.The division bench of Justice M.R. Shah and Justice C.T. Ravikumar has observed that the Punja

Posted in Income Tax | 6954 Views

CBI arrests 9 IT officials for joining dept without exams

15 December 2022 at 08:28

The Central Bureau of Investigation (CBI) arrested nine Income Tax (I-T) officers in Maharashtra's Nagpur for allegedly joining the department without appearing for the mandatory examination conducted by the Staff Selection Commission.

Posted in Income Tax | 6390 Views

CBDT exempts non-resident taxpayers from mandatory e-filing of Form 10F till 31st March 2023

14 December 2022 at 08:47

The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until March 2023.

Posted in Income Tax | 12144 Views

PAN-Aadhaar linking made mandatory for all PAN holders who do not fall under exempt category

12 December 2022 at 08:38

The income tax department has issued a warning to taxpayers who are yet to link their PAN with their Aadhaar.

Posted in Income Tax | 12063 Views